UNITED STATES (OBSERVATORY NEWS) — The UK has just left the European Union – but, despite what the government might say, this is not the end of Brexit.
In fact, there are several other stages. Here’s what we need to know what’s next:
The UK has officially left the EU. It is no longer a member state and loses all representation in Brussels and say about EU laws, the Telegraph reports.
However, the United Kingdom is in a transition period and must follow EU rules. It maintains freedom of movement during the transition period and still makes budgetary contributions.
The two sides will use February to wrap up and publicize their positions in future trade talks.
Trade talks begin in earnest. These talks are to draft a free trade agreement that will govern relations between the United Kingdom and the EU once the transition period is over.
The goal of both parties is to reach some sort of agreement by the end of the year.
According to the deal negotiated by Boris Johnson, this is the last opportunity to extend the transition period if both parties agree on it. It could take up to two years, though Boris Johnson has said he will not wait that long.
The transition period is not over until the end of the year, but this break point is intended to prevent a surprise in December and give both parties time to prepare.
EU officials have said they really want the trade agreement to be concluded by October so that it can be ratified by national parliaments before the end of the year. However, they have also said that the deadline is not very important.
On December 31, 2020, the transition period ends. EU rules prohibit applying in the UK. Any new relationships, if negotiated, take effect. If Boris Johnson gets what he wants, frictionless trading will end as the UK leaves the customs union and single market. Free movement will also end.
January 2021 onwards
One thing you can be sure of is that there will be more talks about the future: The EU has said it may try to secure a basic agreement by 2021, with many articles left until then.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
OBSERVATORY — Breaking news source, real-time coverage of the world’s events, life, politics, money, business, finance, economy, markets, war and conflict zones.
Contact us: [email protected]
Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.
We are OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.